Entain has held its full-year profit guidance despite Brazil's sudden ban on online betting, but now expects to land at the lower end of its range.
The owner of Ladbrokes and Coral said it still expects underlying earnings before interest, tax, depreciation and amortisation (EBITDA) of £910 million to £960 million for 2026.
It also kept its online underlying EBITDA margin target of 21% to 22%, again pointing to the bottom of that range.
Brazil published an executive measure on 25 September that provisionally withdraws every operator's right to offer online sports betting and gaming, with immediate effect.
Entain said it was disappointed the measure arrived without consultation with the industry, but confirmed its Brazilian operations are complying.
A small slice of profits
Brazil was expected to contribute about 5% of Entain's online net gaming revenue (NGR), the money left after paying out winnings, this year.
The group said the country's EBITDA contribution was always likely to be modest, given a crowded and difficult market.
Including Brazil, Entain now expects online NGR to grow 4% to 6% on a constant currency basis, which strips out exchange rate swings.
That compares with previous guidance of 5% to 7%.
Excluding Brazil, the company said it remains on track to hit the top end of that original range.
The revised figures assume the ban holds for the rest of 2026.
All guidance excludes BetMGM parent fees and the Central and Eastern European business, which is reported as a discontinued operation.
Congress holds the cards
The measure needs approval from Brazil's Congress within 120 days to stay in force.
Lawmakers can approve, reject or amend it, leaving the long-term picture unclear until then.
Entain said it would keep monitoring the situation and update the market as needed.
